FRC Appeals Judgment against Sanusi’s Probe

Mallam Sanusi Lamido Sanusi.

Obinna Chima
The Financial Reporting Council of Nigeria (FRC), at the weekend, disclosed that it had filed an appeal against the May 12 decision of a Federal High Court that restrained it from investigating the suspended Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi.

A statement from the spokesman of the council, Mr. Mack Ogbamosa, stated that the appeal is
contained in Suit No FHC/L/CS/414/2014 filed on May 15.

Justice John Tsoho of the Federal High Court had upheld Sanusi’s  suit challenging the powers of the FRC to investigate him over alleged financial recklessness.

The judgment came barely two months after another Federal High Court in Lagos had upheld Sanusi’s fundamental human rights enforcement suit.

The judge had disqualified the council from carrying out further investigation against Sanusi and the CBN.

However, the FRC in the statement held among others things, that the court erred in law by assuming jurisdiction in the case contrary to Sections 28 and 66 of the FRC Act, 2011.

The council also faulted the decision of Justice Tsoho in relying on Exhibit 1 (Briefing Note) which the court had earlier declared to be inadmissible.
The appeal filed by the FRC counsel, Bola Ajibola and Co, stated that while the court held that the FRC exceeded its powers, it did not define the limits of FRC’s power.

The FRC in its appeal also alleged that the court erred by admitting that there was the likelihood of bias against Sanusi by the FRC panel when in fact the panel was not only meant for the suspended CBN governor, but involved other parties who appeared before it without complaint of bias.

The FRC therefore said the court erred in law by ruling against non-parties to the suit.

Another ground of appeal, according to the FRC, was the fact that the court ignored Sanusi’s non-compliance with Section 66 (2) and (3) of the FRC Act before bringing an action against the council.

Furthermore, the FRC also contended that Sanusi’s claims were based on economic rights and not fundamental rights “as the court erroneously concluded.”

It added: “The FRC also held that its panel was an administrative panel, not a judicial panel as the court held. The council  also disagreed with the assumption of likelihood of bias against Sanusi.

“The subject of the panel is activities of the CBN for the 2011 and 2012 financial years.”